settlement

/'set(ə)lmənt/ noun
1. the payment of an account
we offer an extra 5% discount for rapid settlement we take a further 5% off the price if the customer pays quickly
settlement in cash or cash settlement payment of an invoice in cash, not by cheque
2. an agreement after an argument or negotiations
a wage settlement
to effect a settlement between two parties to bring two parties together to make them agree
▪▪▪
‘…he emphasised that prompt settlement of all forms of industrial disputes would guarantee industrial peace in the country and ensure increased productivity’ [Business Times (Lagos)]

Dictionary of banking and finance. 2015.

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